In a statement, GM said that it is to withdraw the brand from Europe from 2016 due to a ‘challenging business model and the difficult economic situation in Europe’.

Instead GM will focus its efforts more on the Opel and Vauxhall brands whilst tailoring the Chevrolet its presence to offering select ‘iconic’ vehicles – such as the Corvette – in Western and Eastern Europe.

In response, EurotaxGlass’s Group says it has carried out a review of Chevrolet’s residual values across Europe and believes the impact will be minimal due to the orderly nature of the market exit.

Dean Bowkett, technical director and chief editor at EurotaxGlass’s Group, said ‘We have already spoken to senior personnel within GM who have confirmed that warranties will be honoured and parts and service arrangements will be in place to satisfy the demand for repairs and maintenance of Chevrolet’s products going forward, many of which share common components with their sister brands anyway.

‘Our contacts at Chevrolet have assured us that they are planning an orderly close down, over an extended period. This approach will have a minimal effect on the dealer network because the majority are already dual-franchised with Opel or Vauxhall and as such are likely to remain the approved Chevrolet repair centre. We have also been informed that stock levels are already low which will negate the need for any fire sales from the brand during the transition period.’

EurotaxGlass’s Group research involved a review of sales volumes, channel mix, current residual values and parallels drawn from other high profile brand exits in the last ten years. It also allowed for the differentiation between overlapping products such as Captiva and Antara, which results in a different used buyer demand.

Dean Bowkett continued saying that: ‘Different countries will react in different ways as the brand has had varying levels of success across Europe. The stronger the brand is in a country the more damaging this news is going to have on RVs.’

However he concluded by stating: ‘Taking into account the assurances from GM, the low volumes and the already relatively low residual values we see only a small impact on residual values in most countries.’